The Government of Indonesia started to implement the National Health Insurance or Jaminan Kesehatan Nasional (JKN) program on 1st January, 2014 through its Social Insurance Administration Body or BPJS Kesehatan. This program was providing health care and social insurance, including monitoring and controlling the prescriptive drug and medicine cost in Indonesia by recommending the pharmaceutical companies to produce and sell generic drugs which has a relatively low price. Generic drugs were recommended as an alternative to the high price of medicines while ninety percent of the raw materials of drugs were still dependent on imports. This study aims to analyze the financial health condition before and after the implementation of BPJS Kesehatan Program of two pharmaceutical SOEs; 1) Kimia Farma; 2) Indofarma; and two private companies; 1) Kalbe Farma; 2) Darya Varia. The results of investigating the financial ratios which collected from the audited financial reports, then be validated by the decree to conclude the financial health condition of them. The significant differences will also be calculated using statistical method of paired t-test between the period of before the implementation in 2010-2013 and after the implementation in 2014-2017. The study result showed that there was a declining tendency in general from all of the calculated value of the companies, especially for state owned companies. Indofarma’s performance from before and after period was worsened and the lowest in comparison with Kimia Farma where it was overall showing a steady health performance with only minor decline. The calculation result from paired samples t-test are proving the significant differences between two samples of before and after the implementation of BPJS Kesehatan Program with varied result from each company depends on the calculation of the financial ratios. Kimia Farma have the most significant differences in financial performances, specifically in Return on Investment, Inventory Turnover and Total Asset Turnover. On the contrary, Indofarma did not show any significant differences at all to its financial performance. The private companies also showed a significant difference in their Return on Equity. Password: Financial Performance, Financial Ratio, Paired t-test, Pharmaceutical Industry